BUSINESS September 13, 2013 | 12:15 PM
Suntory Beverage & Food Ltd, Japan's second-largest drinks manufacturer by sales, is purchasing iconic drink brands Lucozade and Ribena from GlaxoSmithKline Plc for $2.1 billion as part of the company’s long-term plan to expand beyond domestic markets.
Suntory will acquire global rights to energy drink Lucozade and Ribena juice brands plus a Coleford, UK, manufacturing site. Both brands are more than 70 years old, and will give Suntory a foothold in Britain, the second-largest European beverage market, as well as other markets GSK serves.Read more »
BUSINESS September 11, 2013 | 2:19 PM
Danish toy maker Lego has reported a 13% sales increase, or $1.8 billion, for the first half of 2013, securing its place as the second-leading international toy marker over US-based Hasbro Inc.
The sales increase was driven by demand in Asia, which helped the company bypass the challenges plaguing US rivals. However, modest US sales results tempered the company's overall growth compared to 2012 results, when Lego attained an increase of 24% from January to June.Read more »
BUSINESS September 10, 2013 | 6:02 PM
The automotive industry in the US, the world's second-biggest car market, posted a 17% increase in August compared to 2012, marking the strongest growth since November 2007.
In August, new car sales totaled 1.5 million, and are on pace to reach 15.8 million by the end of the year.Read more »
BUSINESS September 9, 2013 | 2:25 PM
Switzerland is the world’s most competitive economy for the fifth year in a row, says the World Economic Forum’s annual Global Competitiveness Report. Switzerland ranked in the top spot for its high standards in innovation, public institutions and labor market, among other factors.
The top 10 nations in the report are the same as last year, but the order has changed, with Singapore and Finland maintaining their second and third place rankings, as in 2012.Read more »
BUSINESS September 5, 2013 | 5:18 PM
Microsoft is buying Nokia Oyj’s handset business for $7.17 billion so it can better compete with rivals Google and Apple in the mobile phone market.
The deal, the second largest for a wireless device manufacturer, includes licenses, patents and feature phone models. The licenses for low-end phones will be valid for 10 years. Approximately 32,000 Nokia employees will transfer to Microsoft.Read more »
BUSINESS September 4, 2013 | 11:07 AM
After a recent downward revision, PC shipments are now forecast to fall 9.7% to total 315.4 million units this year compared to 2012, according to data from market research company IDC. In May, IDC had forecast a 7.8% drop.
PC shipments – including laptops, desktops and netbooks – are expected to drop until 2017, and it is predicted that PCs will never regain their 2011 shipment levels, IDC says.Read more »
BUSINESS September 3, 2013 | 12:05 PM
Sinopec, or China Petrochemical Corporation, has purchased a 33% stake in US-based Apache Corporation's oil and gas operations in Egypt for $3.1 billion.
This purchase should boost annual energy output by around 9% for Sinopec, which is China's second-largest oil producer and Asia's biggest oil refiner. It also signifies the company’s first steps toward a global partnership to carry out oil and gas projects. The deal with Apache is the most recent in a string of similar transactions by oil firms in China seeking to gather enough global energy reserves to satisfy increasing national demand.Read more »
BUSINESS September 2, 2013 | 3:22 PM
Tiffany & Co., the world’s second-largest luxury jewelry retailer, posted at 16% increase in profit during the second quarter thanks to price increases and strong Asian sales. Global sales increased 4.4% to $925.9 million, below analyst stimates, and net income grew to $106.8 million. If it were not for the strong U.S. dollar, sales growth would have been 8%.
During the second quarter, the price of commodities fell, widening the gross margin for the first time in two years.Read more »
BUSINESS August 30, 2013 | 5:08 PM
The world’s largest biotechnology company Amgen Inc is purchasing Onyx Pharmaceuticals for $10.4 billion to get access to the growing cancer-drug market. The deal is Amgen's largest since 2001, and the third-largest biotechnology industry deal in the past three years.
The oncology market is growing rapidly, but the majority of Amgen’s current products are used to treat the effects of chemotherapy, such as anemia and lower white blood cells, while Onyx’s drugs treat cancer. Current cancer treatments have limited effectiveness, and pharmaceutical companies can charge high prices for new drugs.Read more »
BUSINESS August 30, 2013 | 12:06 PM
India's government has approved infrastructure projects worth over $28 billion to boost its economy and aid currency value.
According to Finance Minister P. Chidambaram, India will use the money to reinstate 36 stalled projects across a variety of sectors, including gas, road, oil, railways and power. The Indian Cabinet cleared as much as 18 power-related projects valued at $13 billion.Read more »
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